Mortgage rates at Bank of America (NYSE:BAC) remained unchanged this Monday, following a surge in interest rates last Friday. The Charlotte-headquartered lender now offers the 30-year fixed conventional loan for home purchase at a rate of 3.750%. The 15-year FRM, on the other hand, can be secured at a rate of 2.750%. The flexible 7/1 ARM is on the books at 2.500%. For home refinancing purposes, Bank of America’s 30-year fixed mortgage looks like an attractive option, as it starts at 3.750%. The 15-year fixed version of this loan is currently up for grabs at 3000%. Those looking for more flexible options, should consider BofA’s 7/1 ARM, which has an asking rate of 2.625% as of Monday. For more information on today’s mortgage rates, please check the data below. Bank of America, one of the country’s largest mortgage lender, offers excellent interest rates under both its home purchase and refinance programs, so those who are looking to invest either in a new / used home or to refinance an existing mortgage, may find some ideal loan packages at this lender.
Bank of America Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.750%, 0.875 discount points, 3.888% APR
15-Year Fixed-Rate Mortgage: 2.750%, 1.125 discount points, 3.028% APR
7/1 Adjustable Rate Mortgage (ARM): 2.500%, 1.000 discount points, 2.913% APR
Bank of America Refinance Rates
30-Year Fixed-Rate Mortgage: 3.875%, 1.000 discount points, 4.025% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.000 discount points, 3.262% APR
7/1 Adjustable Rate Mortgage (ARM): 2.625%, 1.125 discount points, 2.980% APR
Please, bear in mind, that the present mortgage interest rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions. The annual percentage rates (APR) were made based on discount points, origination fees, average loan fees and closing costs.
Following three consecutive weeks of declines, U.S. mortgage application activity increased 14.8% on a seasonally adjusted basis, in the week ended March 1, an industry group reported last week. According to the results of the Mortgage Bankers Association’s (MBA) weekly survey, the number of filed applications for home refinancing climbed 14.8%, while loan requests for home purchases rose 15%, the MBA said. The share of refinance applications out of total mortgage activity remained unchanged at 77%.
As far as current national average rates are concerned, mortgage-buyer Freddie Mac reported last Thursday, that the average rate on the 30-year fixed mortgage inched up to 3.52% from the previous 3.51% that it held a week earlier. The average rate on the 15-year fixed loan held steady at 2.76%, according to the Virginia-based mortgage-finance company.
For more information on current home purchase and refinance mortgage rates at Bank of America, as well as details on borrowing terms and conditions and loan assumptions, please visit the lender’s website.